Message from Traci Nordberg, Chief Human Resources Officer: IRS announces 2012 retirement plan contribution limits
Each year, the IRS adjusts the limits for retirement plan contributions to reflect price and wage inflation. For 2012, the calendar year 403b limits are:
• Individuals can contribute up to $17,000.
• Employees age 50 or older can contribute an additional $5,500, for a maximum of $22,500.
To change your contribution amount for 2012, complete the Retirement Plan Election Form and return it to Human Resources by Dec. 31. (Note that you can change your contribution amounts once per quarter.)
Traci Nordberg, Chief Human Resources Officer and Associate Vice Chancellor
While you’re thinking about your retirement contributions for 2012, keep in mind that the IRS requires employees to report outside retirement contributions. You will need to complete a 415(g) Aggregation Form if you own a controlling interest in, and make retirement contributions with, an outside for-profit business.